Next year’s second Jetco appointment is scheduled to take place.
PUBLISHED: 9 Dec 2024 at 04: 30
Thailand and the UK are engaged in discussions to increase trade and investment between the two nations in the framework of a free trade agreement (FTA ).
During the Dec. 4 conference with Mark Gooding, British Ambassador to Thailand, Commerce Minister Pichai Naripthaphan stated yesterday that the importance of boosting trade and opportunities and boosting economic assistance were important topics of conversation.
According to Mr. Pichai,” The Thai-UK FTA is being considered as a means to increase bilateral trade and purchases, which is also in line with the plan to strengthen economic relationships.”
Through the Joint Economic and Trade Committee ( Jetco ), both parties pledged to foster trade and investment relations at the ministerial level, he said.
Under the terms of the Enhanced Trade Partnership, which includes industries like agriculture, food and beverages, and commerce, Mr. Pichai said the Thai-UK Jetco system is intended to promote a conducive environment for conducting business and optimize trade and investment procedures.
He claimed that to follow up the work, Thailand and the UK will hold their second Jetco meet in the following year.
He added that the meeting will take place during the 170th celebration of diplomatic relations.
A solid business relationship may serve as a basis for upcoming FTA discussions between the two nations, according to Mr. Pichai during the conversation with the UK ambassador.
” If both factors could create an FTA, it would be a major step in promoting growth in trade and purchase,” he said, adding that the business areas of Thailand and the UK have expressed strong support for the FTA conversation.
He added that he also informed the UK that his government is prepared to support foreign commerce and investments, particularly in areas involving key sectors and services like electronic information processing products, pharmaceuticals, and medical devices.
Mr. Pichai added that he appreciated the UK’s support for Thailand’s application to join the Organization for Economic Co-operation and Development.
According to data from January to October this year, the UK placed 22nd on the worldwide market and third in Europe. Trade values between the two nations amounted to US$ 5.5 billion, with Thai export worthwhile$ 3.45 billion.
Important trade goods included processed meat, equipment, gems and jewels, motorcycles and components and automobiles and components.